Auditing SP 2008 CH 4 Outline

Auditing and Assurance Services (12th Edition)

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CH 4 PROFESSIONAL ETHICS DIFF BTWN CPA’S & OTHER PROF CPA’S WE DO NOT ADVOCATE FOR THEM RULES OF CONDUCT (ENFORCEABLE) PG 85 INDEPENDENCE (IN FACT & APPEARANCE) IS MOST IMPORTANT: See non allowed services on page 85 for 1. IF ONLY MAS OR TAX NO NEED FOR INDEP. 2. CANNOT OWN STOCK IN AUDIT CLIENT. 3. INDIRECT OWNERSHIP IE MUTUAL FUND / RELATIVE OK IF IMMATERIAL. 4. INDEPENDENCE AND FAMILY MEMBERS 5. LITIGATION – NOT INDEPENDENT 6. UNPAID FEES – NOT INDEPENDENT IF OVER ONE YEAR. 7. See Summary of Rules of Conduct on Page 101 Rules of conduct: Rule 101 Independence – page 88
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Unformatted text preview: Rule 102 Intergrity and objectivity page 93 Rule 201 General standards page 94 Rule 202 Compliance with standards page 94 Rule 203 Accounting principles page 94 (Confidentiality) Rule 302 Contingency fees page 96 Rule 501 Acts Discreditable page 97 Rule 502 Advertising page 98 Rule 503 Commissions and referral fees page 98 Rule 505 Form of organization and name page 99 CONTIGENT FEES ARE NOT ALLOWED IF YOU PERFORM AUDITS/REVIEWS OR COMPILATIONS. ALSO, CANNOT DO TAX RETURNS ON CONTINGENT FEE BASIS (IE: BILL A % OF REFUND ETC.)...
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